A new tax 3.8% income tax surcharge will become effective on taxable years beginning on and after January 1, 2013. These new surcharges have been put into place to help finance the recent healthcare reform. This surtax will apply an… Read More
Blog
-
Maryland Homestead Tax Credit
By the end of 2012, all Maryland homeowners must reapply for the Homestead Tax Credit, which helps offset large assessment increases for property tax purposes in a given year. The law requires the state government to limit increases in the… Read More
-
Employers hit by rising health costs look to high-deductible plans
There’s a good chance during open enrollment this fall that you will be offered a high-deductible insurance plan with a savings account — if you haven’t already been nudged into one. Increasingly, employers are offering this as a way to… Read More
-
14 tax issues to watch after the election
These personal tax matters could see changes in 2013, depending on who wins the White House. Whatever happens in the election on Nov. 6, the next Congress and president will face a heaping helping of unfinished tax business. Here’s the… Read More
-
How to Get a Transcript or Copy of a Prior Year’s Tax Return from the IRS
Taxpayers should keep copies of their tax returns, but if they cannot be located or have been destroyed during natural disasters or by fire, the IRS can help. Whether you need your prior year’s tax return to apply for a… Read More
-
Creating More Sales Tax Collectors
How the enactment of so-called “Amazon” or “affiliate nexus” laws may provide states with more sales tax collectors. In the first half of 2011, five states enacted laws that modify the definition of retailer for sales-tax purposes in the hopes… Read More
-
Trademarks alone are not enough for income tax nexus
A recent West Virginia case is a reminder that the use of intangibles in a state does not automatically lead to a finding of income tax nexus. In May, the West Virginia Supreme Court, famous for its 2006 MBNA ruling… Read More
-
Deducting Employee MBA Expenses
The deductibility of the cost of a Master of Business Administration (MBA) degree under Sec. 162(a) as a trade or business expense for an employee is a complex subject, with several factors to consider. The costs of an MBA are… Read More
-
Taxation of Frequent Flyer Miles
A benefit has only lately received attention after flying under the radar for many years: tax-free receipt of frequent flyer miles. Earlier this year, several news outlets reported that Citibank surprised many of its customers by issuing Forms 1099-MISC, Miscellaneous… Read More
-
Offshore disclosure program makes a third go-round
After two successful offshore voluntary disclosure programs, the IRS on Jan. 9 announced a new 2012 Offshore Voluntary Disclosure Program (2012 OVDP). Under the previous two programs, the 2009 Offshore Voluntary Disclosure Program (2009 OVDP) and the 2011 Offshore Voluntary… Read More